Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economics - Coggle Diagram
Economics
Key terms
Services
A service is an " act or use for which a consumer, firm, or government is willing to pay." Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on.
Consumers
buys goods or services primarily for consumption and not for resale or for commercial purposes.
Goods
goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods which are transferable, and services, which are not transferable.
Producers
someone who creates and supplies goods or services.
Scarcity
the demand for a good or service is greater than the availability of the good or service
Specialisation
a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.
Scams
Target
Emotions
Charity
Romance
Money
Investment
Credit card
Cloning ccs or stealing details
Phony investments
Phising
How to protect yourself
Be suspicious
Don't give out passwords
Research the website
Australia trade relationships
Trading partners
China, Japan, the United States, the Republic of Korea, Singapore, New Zealand, the United Kingdom, India, Malaysia and Thailand
Exports
Iron Ore ($79.6B), Coal Briquettes ($36.4B), Petroleum Gas ($26.8B), Gold ($17.7B), and Frozen Bovine Meat ($4B)
Imports
Cars ($13.7B), Refined Petroleum ($10.8B), Gold ($6.49B), Broadcasting Equipment ($6.38B), and Computers ($5.76B)
Sorry sir was away with Covid when u guys started unfortunately this was all i could manage in class and the key terms i did outside school but wasn't able to finish because my internet wasn't working